Female entrepreneurs offer insights to drive SME growth

In a recent Women’s Day edition of the United Bank for Africa (UBA) Business Series, successful female entrepreneurs delivered invaluable advice to Small and Medium Scale Enterprises (SMEs), emphasizing the importance of meeting specific needs and investing in self-development to foster the growth of prosperous brands in both the short and long term.

Held at UBA’s head office in Lagos, the hybrid event featured prominent entrepreneurs who shared their expertise and experiences with aspiring business owners. Chioma Ikokwu, the co-founder and CEO of Good Hair Limited; Atilola Moronfolu, founder of African Naturalistas; Onyeka Michael-Ugwu, Founder of Hello Perfect; and Oshuwa Tunde-Imoyo, actress/founder and CEO of NOUA Skin, led discussions on the theme “Herstory.”

Chioma stressed the significance of meaningful partnerships and clear communication in business, advising entrepreneurs to address specific customer needs directly. She highlighted the importance of separating personal lifestyle from business operations to maintain focus and intentionality.

Supporting Chioma’s perspective, Onyeka emphasized the value of building a strong team, urging business owners to surround themselves with individuals dedicated to the growth of the enterprise. According to Onyeka, investing in the right people fosters a supportive environment conducive to business success.

Atilola underscored the advantage of establishing a proper business structure, advocating for standard operating procedures and financial separation between personal and business finances. She emphasized the importance of creating systems that ensure business continuity even in the absence of the owner.

Echoing her fellow panelists, Oshuwa highlighted the importance of continuous learning and self-investment in business success. She encouraged entrepreneurs to enhance their skills and seek assistance when needed, emphasizing the value of collaboration and ongoing education in making informed business decisions.

Alero Ladipo, UBA’s Group head of marketing and corporate communications, praised the panellists for sharing their expertise and commended their commitment to empowering SMEs, particularly women entrepreneurs. She emphasized UBA’s dedication to providing educational resources and strategies to support the growth of small businesses, recognizing them as vital contributors to economic development.

With a workforce of 25,000 employees and serving over 35 million customers globally, UBA stands as one of Africa’s largest employers in the financial sector. Operating in 20 African countries and internationally, UBA is committed to promoting financial inclusion and leveraging technology to provide innovative banking solutions.

The UBA business series serves as a platform for knowledge sharing and capacity building, reflecting the bank’s commitment to empowering entrepreneurs and fostering economic growth across Africa and beyond.